Calculate the present value of a loan that could be cleared by payments of $3,200 at the end of every 6 months for 7 years if money earns 7.98% compounded semi-annually. Round to the nearest cent
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Step 1
First, we need to find the number of payments, which is 2 payments per year for 7 years: $n = 2 \times 7 = 14$. Show more…
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